The LGL (US:LGL)2024-05-15 20:33Financial Performance - First quarter 2024 net income attributable to LGL Group common stockholders was $21,000, or $0.00 per diluted share, a decrease from $157,000, or $0.03 per diluted share in Q1 2023[3] - Total revenues decreased by $96,000 to $888,000 for the three months ended March 31, 2024, compared to $984,000 for the same period in 2023, representing a decline of 9.8%[6] - Income from continuing operations before income taxes decreased by $171,000 to $79,000 for Q1 2024, down from $250,000 in Q1 2023, a decline of 68.4%[19] - Net income from continuing operations decreased by 76.8% to $43,000 in Q1 2024, down from $185,000 in Q1 2023[19] Margins and Expenses - Gross margin declined to 48.0% for Q1 2024, down from 56.5% in Q1 2023, due to a lower margin product mix and higher labor costs[4] - Engineering, selling, and administrative expenses increased to $605,000 in Q1 2024, up from $542,000 in Q1 2023, reflecting a rise of 11.6%[19] Order Backlog and Assets - As of March 31, 2024, the order backlog increased to $341,000, up from $143,000 as of December 31, 2023, indicating a growth of 138.5%[5] - Cash and cash equivalents and marketable securities totaled $40.9 million as of March 31, 2024, compared to $40.7 million at the end of 2023[6] - The company had total current assets of $41.7 million as of March 31, 2024, compared to $41.6 million at the end of 2023[17] Segment Performance - The Electronic Instruments segment reported revenues of $392,000, a decrease of 11.1% from $441,000 in Q1 2023[19]